Archive: this article covers the 2025 Federal Open Market Committee (FOMC) calendar and the outlook published at its September 2025 meeting. All eight scheduled meetings have taken place, so these dates are not upcoming and the September projections are not a current rate forecast.
The Fed scheduled eight regular policy meetings in 2025. At its September meeting, it lowered the federal funds target range to 4.00%–4.25%; participants’ median projections pointed to a lower rate by year-end, but those projections were estimates, not a promise.
What were the remaining 2025 Fed meeting dates?
The FOMC’s eight regular meetings in 2025 ran from January through December. Four were associated with a Summary of Economic Projections (SEP), the Fed’s quarterly set of economic and interest-rate projections. The official FOMC calendars and information list the dates and identify SEP meetings.
| Meeting dates | SEP projections |
|---|---|
| January 28–29, 2025 | No |
| March 18–19, 2025 | Yes |
| May 6–7, 2025 | No |
| June 17–18, 2025 | Yes |
| July 29–30, 2025 | No |
| September 16–17, 2025 | Yes |
| October 28–29, 2025 | No |
| December 9–10, 2025 | Yes |
When were Fed statements and press conferences scheduled?
For regular meetings, the policy statement was scheduled for 2 p.m. Eastern Time on the second day, followed by the Chair’s press conference at 2:30 p.m. Eastern Time. The official FOMC meeting page gathers statements, implementation notes, SEP materials when applicable, press-conference transcripts, and minutes. The minutes for the September 2025 meeting were released on October 8, 2025.
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What did the Fed say about rates and the economy in September 2025?
On September 17, 2025, the FOMC cut its federal funds target range by 0.25 percentage point, to 4.00%–4.25%. Its statement said economic activity had moderated in the first half of the year, job gains had slowed, and unemployment had edged up but remained low. Inflation had moved up and remained somewhat elevated. The committee also said, “Uncertainty about the economic outlook remains elevated,” and noted that downside risks to employment had risen. Read the September 17, 2025 FOMC statement.
What did the September 2025 projections show?
The September SEP reported the median of FOMC participants’ individual assessments of an appropriate federal funds rate at each year-end. The Federal Reserve Board and FOMC participants’ 2025 projections were:
| Year-end | Median projected federal funds rate |
|---|---|
| 2025 | 3.6% |
| 2026 | 3.4% |
| 2027 | 3.1% |
| 2028 | 3.1% |
These were medians based on information available to participants at the September meeting, not a Fed commitment or a guaranteed forecast. The individual projections varied; the SEP also included projections for GDP growth, unemployment, PCE inflation, and core PCE inflation. The September 2025 Summary of Economic Projections shows the distribution as well as the medians.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What happened to rates after the September 2025 outlook?
The Fed cut rates by a quarter point at each of its September, October, and December 2025 meetings. After the December decision, the target range was 3.50%–3.75%. The Fed’s rate history subsequently records an increase on September 17, 2026, bringing the range to 3.75%–4.00%. The Federal Reserve’s policy and rate-history page records these decisions.
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That later path shows why the September 2025 median should be read as a dated snapshot of participants’ expectations, not as today’s outlook. The federal funds target range is also distinct from the rates on a particular mortgage, credit card, deposit account, or other consumer financial product; the committee’s target does not establish any one of those rates.
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